If what you still have to pay on the loan is less than what the car is actually worth, the dealer buying your vehicle will give you enough to pay the rest of the loan off. For example, if there is still $7,000 owed on your vehicle, and the dealer offers you $8,000 for it, the loan can be paid off and the dealership will then take the car. The $1,000 that is left over will be taken off the price of the new car that you buy.
What Does “Rolling Over” A Loan Mean?
Rolling over a loan is when a dealership offers to pay off your previous car regardless of the amount still owed on the loan. Keep in mind that the price will be added to your new loan on the next car you buy. You will end up paying the dealership back for the loan on your old car as you pay back the loan on the new car that you chose.
Find Affordable Auto Financing at Weir Canyon Acura
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